Colorado resident creates marijuana trade newsletter
By: Riley Sharp
In a country which has the tendency to be divided on numerous controversial topics, the marijuana legalization controversy has entrepreneurs across the country and spectrum coming together to fight for a piece of the action.
One of these entrepreneurs, CEO of Marijuana Business Daily, better known as MJBiz Daily, Cassandra Farrington has not held back from taking advantage of the opportunities that the recent cannabis industry floodgate has opened.
Growing up in a very conservative household in Tuscaloosa, Alabama, Cassandra Farrington never dreamed she would be successfully running a company, let alone one in the cannabis field.
After earning her MBA from the University of Texas McCombs School of Business, Farrington began work in the corporate world, eventually earning vice presidency positions for CitiMortgage. After many successful years with Citi, she left her job and reconnected with an old colleague. The two joined forces to start a brand new business in the unusual yet wide open cannabis market.
As a few years passed, not even the federal crackdowns on medical marijuana dispensaries in 2011 would scare off Farrington. While competitors were turned off by the bad publicity the legalization of marijuana was receiving, Farrington and her partner decided to get down to business in their small Denver publishing house on what they told Forbes magazine, “hoped would be ‘The Wall Street Journal’ of legal cannabis”
MJBiz Daily is separate from its competitors, not being a lifestyle publication or cultural magazine but rather a source of visceral and factual information regarding the cannabis market. This differs from other media startups covering all aspects of legal weed such as Merry Jane, Weed Week and Green Rush Daily. “We are truly all about the dollars, cents, actions, partnerships: the business side of the industry,” Farrington stresses to Forbes reporters.
MJBiz Daily in recent years has become one of the leading sources for news in marijuana business and trade, expecting more than 14,000 attendees at its expo next month in Las Vegas. The Marijuana Business Conference & Expo is the largest B2B gathering in the legal weed community and was named to Trade Show Executive’s “Fastest 50” in the last few years.
MJBiz Daily has been awarded top media company by Forbes Inc., landing on Forbes Inc’s 5000 list, due to its 843 percent overall growth across the 2016 year.
With 29 states including the District of Columbia having legalized some form of weed, the consumer market for legal marijuana is booming and projected to take a huge leap from $6.7 billion it currently stands at to a whopping $20.2 billion in 2021.
There is a clear race to cash in on cannabis and its pursuers are hungry. “It is a huge industry, not just in the United States, but globally and getting bigger every day,” says Farrington to Forbes Magazine reporters.
The mother of two has very high hopes for the newsletter in years to come, as it reaches a wide audience, from young adults and parents to businesses and large corporations. With a broad audience, an increasing company value, in a fast-growing industry, there is no telling what Farrington and the Marijuana Business Daily cannot do.
Editor’s Note: Information from Forbes, INC 5000 and LinkedIn was used in this report.